According to the latest exit polls, Francois Holland is the new president of France, defeating incumbent Nicholas Sarkozy with approximately 53% of the vote; Sarkozy pulled approximately 47%, according to Harris, Sofres and Opinion Way polling.

Hollande’s win represents a groundshift in European politics; with a socialist president, France will become the only major European country moving to the left instead of to the right in response to the economic downturn. Hollande has promised to raise taxes, lower retirement age, and boost spending levels. One of Hollande’s major initiatives is his pledge to raise the marginal tax rate for earnings above $1 million to 75%. Critics fear that business will leave France in droves.

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